Twenty One Capital reported $1.087 billion in net income for the quarter ended Sept. 30, 2026, largely from an unrealized, noncash gain on its bitcoin holdings. It used about $1.7 million in operating cash during the quarter, so the reported profit did not reflect cash generated by its operations.
Its shares fell 1% on Nov. 13, bringing their decline over the preceding week to 9.7%. The company had $486.5 million in outstanding convertible-note principal, backed by collateral that included about 16,116 BTC. Management said it was evaluating possible share repurchases if the stock trades below the value of its bitcoin holdings.
